Home Finance Joe Biden To Tout IBM’s $20bn Investment

Joe Biden To Tout IBM’s $20bn Investment

Joe Biden To Tout IBM's $20bn Investment - theincap

President Joe Biden will tout IBM Corp’s plans to invest $20 billion in New York over the next decade in developing and manufacturing semiconductors, mainframe technology, artificial intelligence, and quantum computing. The announcement is the latest in a string of investments unveiled since Biden signed the Chips and Science bill in August that funded $52 billion to subsidize semiconductor chips manufacturing and research. So, the article is about Joe Biden To Tout IBM’s $20bn Investment.

The administration says hefty subsidies for private businesses are necessary because China and the European Union have awarded billions in incentives to chip companies. Biden has sought to capitalize on the investment announcements ahead of next month’s midterm congressional elections. Last month, he traveled to Ohio to speak at the site of Intel Corp’s planned $20 billion semiconductor manufacturing facility.

On Tuesday, Micron Technology said it would invest up to $100 billion over the next 20-plus years to build a semiconductor fabrication facility in New York that is expected to create nearly 50,000 jobs, with the first phase investment of $20 billion planned this decade. White House National Economic Director Brian Deese on Twitter called the Micron investment “a significant win for US economic & national security” and “part of a deliberate, long term industrial strategy that will bolster US competitiveness, & increase our long-term productive capacity.”

Biden will visit IBM’s Poughkeepsie, New York site home to the largest quantum computers concentrations, and will be joined by Chief Executive Arvind Krishna. IBM plans to make its Poughkeepsie site “a global hub of the company’s quantum computing development, just as it is today for mainframes.” However, IBM did not provide a detailed breakdown of its $20 billion investment plans. IBM said chips funding will ensure a reliable and secure supply of next-generation chips for today’s computers and artificial intelligence platforms.

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